REGISTERED COMPANI. NUhlBF.R: 06167.523 (F.ngl&nd and lTrales}
REGISTERED CHARITY NUMBER: J127261
rt of the Tw%tees and
UnalldilLd FinanLial Staicmcnis for thc Ycar EndLxl i I Ikccmbcr 2024
for
The North Wales Coasi LI
Limited
i Railiva
Gwyn ThThna5 and Co Litnitaj
l Thomas Buildings
Pwllheli
Gwynedd
LL53 SHH

The North Wales Coast Li
Limited
i Railwav
cont￿nt￿ uf tlii, Findni]￿l StdtLillLnl.
for the Year Ended .) l Decernber ?014
Pag¢
R¢pDrt ol'the Tru%t¢t
IndcpLndcnt Examinerfs RLport
Siatemeni of Financial Aciivities
Balance Sheet
Noteb 10 the Financial Siatements
7 to 12

The North ￿'2[Cl C.oa_%t 1.1
hi Railw'iv
Limited
Tislcrcd nutnbcr-. 06167i?3
urt of thL Tru%tLL%
for ihe Year Ended .31 Decernber 2024
The lrnslees who are also directors of the £hariry for the pllrtK)ses of I￿ Companies Aet '(NJ6. present their report with the financial
btsttrntnts of the Lhdiily for the yeat t￿led 31 DeLLinbcr 20?4. The iiu%tct% huye ￿JUpted iht PlUVlSiDns of AcL'UUlltin¥ und
Reporting by Charities.. Siaterneni of Recornmended Practice applicable to chanries prepanng theiT account5 In accoTdaTrce with the
Financial Reporting Sthndard applicable in the UK and Republic of Ireland {FRS 102) {eff¢ctive l January 20191.
OWECTIIIES AND ACTIVITIES
Objectives #nd aims
The Presern'aiion and ¢onservarion ofihe narrow gauge railway * Fairboume, Gwedd and all assi)ciaied buildings ot. hisiorical and
archiiectural imwrtance. The P￿SerVation and collseTraiioll of the phtrsical and natural environment al the Penrhyn Peninsular.
'yn¢dd. Th¢ education of lht public in ¢he IfKal n4lturJl sTrcial history of FaiTboutn¢. Ihe %uFtouoding 41re(i Jnd the H4rrow
gauge rail￿.￿y.
The public appeal lo raise tullds to bring th- loco Beddgelert back inl0 service continues and £11.009 was raised during the year.
.4CHIEVEMENTS AND PERFoR￿f.4NCE
Charitable activities
The C"hariiy Lontinues lo i¢e¢ive donations from dediialcd supporteT5 of the FairlMTrUTt]¢ Railway and also the genetal publiL. This has
ensured that everyone can siill benetii trom iraielling OTJ this ljistoric n￿rro￿. gauTre line learningw aiK>Ui the history ot ihe railway and
enjoying the conservation area at PCnrh￿ Point. There are good links ￿'1th local residents, man}, of whom Trolunteer their services
%ttvi￿g %lali time and cost%. As already Staled. th¢ appeiil io rdise fund5 tor restoring Btddgrl¢rt to seTrire. reteired to dbove.
coniinues.
FINANCIAL REI'IEW
Ffinanelal w)sitlon
T'he ch￿rity,￿ inLome durin¥ the year wa% derived fruni p&gsaiger fares and don&tion%. where don￿￿ had conipleied ihe relevdnr tdx
declarations, the chariry able io claim Gift.4id on these thnaiions. During the year. in ren]rn for fulfilling IL% role in Nnning and
mailliailling Ruilwa>'. the Lhariiy rcrnunerated its operating subsidiary, FtiirtM)urne Stedrn R&i]￿'aY Ltd the of £2i0931. At the
balanLe sheet date the reseThe8 of £9097:8 ￿ere (kemed io be ai an 3ppropri)tr l•"el. A¢ 31 s¢ December 2023 the loan balance
beiween The Charity and the operating companv stood at £79.709. The Tn]siets do not consider that a Pro￿ls1on is required to be
made the remxinin¥ balanL'e ot'£76.980 owed from the subs'idiary a¥ at 3 l¥t DeL-ember 2024.
Reserves polity
It is the policv ot the charity that unrestrtcttd tunds which haie not been desi¥nated for a specifjc use should be maintained ar a level
equiNalent its beiween Ihree and six monih's expendiiure. The Ttustees ¢onsider Ihat resenjes ai ihis level will ensure ihai, in the ei'eni
uf a 4i¥nifiLdnt drop in funding, Ihcy will bc ablc iu LunlinuL ihc Ch￿ri.￿ Lurrcni aLtivitiTri whilc con%idcration ib givcn io wuys in
which addiiiollal funds ma). be raised. This level of reserves bas been maintsined through(wi Lhe year.
The Chaiily aim to ktep a Sum in ￿$tr￿e which would allow for final stafTpayTh￿nts lo other credilots should Ihe opetating company
ctast to Irade, this is currently esiirnaitd at £?5.0(K).
STRUCTURE. GOVERNANCE AND MANAGEMENT
Governing d￿UMent
The ¥harily is controlled by its governin¥ documenr, a deed of trust. and constitutes a liivijted company. limited &Tuaraiitee, as
defitjecl bv rhe CompArties Aci
Recruitment and appointment ol new tnistees
Selection of ntw trublees is bv recomTnendation by existing tr￿￿ttes. SutTicient trdining will be provided to new trustees to enable
thewn ID carry out theirdutits with the requi￿￿ d¢¥if¢ of Skill and care.
Rel#led pgrties
The Charity is the sole shareholder in the operating cornpany. Fairknume SttaTTr railway Limiled. The Operating cornpany make5 a
charge to ihe Charity for operniing ihe Railwa5, on ils ￿h8]r and in order ih#i the Chariry'b objecis are fulfilled. Any profits after lax
made by the operating company %hall be tran%terred to the Charity.
Page I

The North ￿'2[Cl C.oa_%t 1.1
hi Railw'iv
Limited
Tislcrcd nutnbcr-. 06167i?3
urt of thL Tru%tLL%
for ihe Year Ended .31 Decernber 2024
REFERENCE AND ADT*lThlSTRA DET Alls
Registered Companv nllmber
06167573 IEn¥l4Lnd und Wule%l
Reglstered Charlty number
127261
Re%i$tered office
Norih IVJles Co&st Light Railwa)
Eleach Road
Fairbourne
CJWyThtdd
LLIX 2EX
Trustees
Dr C D￿VIeS complian￿ Nlanager
Dr S Hobbs Research Scientist
Dr R G M¢lioll Compuny DirtLtor/scientist
G Billin&￿10n lappoinied 30.6.24)
Company SecTel#ry
A M Sitnmonds
Independent Examiner
Gwyn Trewren Thomas Bsc
Gwyn Thoma% and Co Limited
l Thomas Buildings
New st￿¢t
Pwllheli
G￿￿edd
LL5J SHH
AC'A
Approved by order of the board of tyusiees on 21 September 2025 and signd on ￿haIr by..
Dr C Davies- Trustee
Page 2

Indc
endent F.￿￿7111t15 Rc
Thc Isorth Il'alcs Coait Li
Limited
on to the Trnstees ol
hi Railw'a
Independent examiner's report to the trustees of The W*les Co4st Light Railwa) Limited ('the Compgny,
l Teport to the charity trustees on my examiDatitsn of the accounts of th¢ Cornpans for the ended 11 Ikcemitr 2024.
Responsibilities and basi5 Df report
the Lhurily'% tni%tets uf tht CotnPELny l￿d alsu ifs. dirL'ctoi4 fur the putPDtse% of LJtnpanv law'l you art responsible fur the
preparation of the accounis in accordance with the requiremtnt5 of the Compavie5 Act 10(b I'the ?006 Acl'}.
Havins >at15fied mvself that the account5 of ihe Conipany are not required to be audited ullder Part 16 of the 2006 Aci and are
eligible for independeni examination. I report in re5￿cl of m5. examillaiion ol sour chatily s atcounis as carried oui under Section
145 of Ihc C-.haritics .4ct 2011 I'the IUI l ACYI. In carrying Out my examitration I havc followcd thc Dircttions given by the Charity
Commission under Seciion 145151 Ibl of the 201 l Act.
Independent examiner 5 5tateTTrent
I havc coinplcied my examinaiion. I confinn thai no mailers have come to my auention in conneLliL￿ wilh tli¢ examination giving me
causc lo bLIlL￿C=
accounting records were noi kepi in respeci of ihe c.ompany as requtred by Section 186 of the 21K)6 Act- or
the accoiinr% do not dccord with those recon*. or
Ihe accounts do t￿1 comply with the accounljng reqU1￿MentS of Section 196 of the 2￿)6 Act other than any requirement that
the aLcounts giTre a true and fail I'le￿ which is noi a tnart¢i ionsidei¢d Part of an independent eX￿in￿tion. or
the accounts have noi been prepared in a¢cordance ￿'Ith the methods and prii)ciples of ihe Statement of Recommended
Practice for accounting and reporting bv charities (applicable io chanties preparing their accounts ill accordance with the
Financial Rtportill(F Stsndard JpplKable in the iiK and Republic of Ireland IFRS In21).
have no conlerns and hai't come across no oihtr rnatters in ioAneciion wilh the examination to whiLh atlention shO￿d be dr&wn in
tIIis report in order to enable a proper Unde￿(andIng ot the accounts to be reached.
Gwyrj Trewren Thomas Bse
ACA
The In%titute of Chartered Accountants in Enqland and Wales
Gwyn Thum￿1 <ind Cu Limitcd
l Thomas Buildings
New Street
Pwllheli
Gwynedd
LL5J SHH
29 September 2025
Page 3

The North Wales Coast Li
Limited
i Railwav
SiJtitnLnt of Financial ALtii'itic%
for ihe Year Ended .31 December 2024
31.12.24
rotal
31 12.23
Total
Unrestricied
fund
Restricted
fund
Noles
INC.o￿lE AND ENDOII'MENTS FROi¥I
Di)naiions and l¢¥Tacie&
124.291
135 300
122.803
Othcr trading aLtivitiCS
Investment income
Other income
Tolal
91.147
1g.W
91.147
19.904
82.642
19.7Y7
i.iuo
226
42
•15..142
246,351
EXPENDITIThiE ON
Charitable artii'itles
Bedd¥elen appeal
Trdin operaiion
Total
8,420
8.420
26S.10.
27fi. j)3
451
-304.4?0
304.%71
68.103
)6X.103
.420
NET INCOMEI(EXPENDITURE)
32.7611
2,589
130.172)
(78529
RECONCILIATION OF FUNDS
Total funds brought fonvard
920.948
18,952
939,900
1,018,429
TOTAL FUNDS C.4RRIED FORWARD
¥88 187
939 guo
The notes lorni part of these fuk￿claI siatements
Page 4

The North ￿'2[Cl C.oa_%t 1.1
hi Railw'iv
Limited
Tislcrcd nutnbcr-. 06167i?3
BdlanLL ShLIt
31 Deceniber ?014
31.12.24
rotal
31.12.23
Total
Unrestricied
fund
Restricted
fund
Noles
FIXED ASSETS
Taiinible ass¢t
Investments
5?7 2?9
2(Kl.(K)I
7?7.23
3.765
530.994
?00.001
73ts,YY5
53f,194
200.001
735,IYS
3,765
CURRENf ASSETS
Debtors
Cash at bank and in hand
76.980
76.9fl0
10"_? 829
180,%09
79,709
128.5_30
20X,239
103.033
17.776
CREDITOILS
Amounts fallin&? due within one )rar
10
(2,Q761
(3534)
NET CURRENT ASSETS
160.957
178733
204 705
TOTAL ASSETS LESS CURRENT
LIABILITIES
888.187
21.541
909,728
939,900
NL"I ASSETS
FLNDS
Unrestricted funds
Resrricied ti)nd.
1188 187
21.541
939 9UO
888,187
920.948
TOTAL FUNDS
939 YOU
The chariitsble companv is eniitled to exemption from audit ujjder S￿tIOn 477 of the Companies Act 2006 for the year ended 31
December 2024.
The members have not required Ihe comparty 10 obtsin an awjii of ils firtancial ststements for ihe year ended 3 l December 2024 i
accordance wilh Sectioii 476 of tht Companies Act
ThL IriT%te¢% a¢knowl¢dg¢ th¢ir r￿pOn$1b1litl&s for
lal
ensuring that the charitable eompany keeps accouniing r￿OrdS that ¢omply wilh Sections .186 and 387 of th¢ C.ompanio Act
2006 and
Ibl
prepariiig finaneial 4la¢ement¥ which giiie a Tnje and fair view of Ihe %iaie of affairs Ot'ihe charital)le company *% at the end ot
each finan¥ial )'ear kmd OC lis surplus or defi¢ii for each financial year in accordance with ihe requirernenis L)f Se¢iions 3)L 4
alld _IY5 and whieh oihcrwi8L comply with thc rcquircmcDts ot thc Cowics Aci 21A16 rclaring lo finallcial %iatcmLnt8, 80
lar as applicable ¢0 the chantable company.
The notes lorni part of these fuk￿claI siatements
Page 5
continued...

The North ￿'2[Cl C.oa_%t 1.1
hi Railw'iv
Limited
Tislcrcd nutnbcr-. 06167i?3
BdlanLL ShLIt- LontinuL
31 Deceniber ?11*4
The5t financial Slatetne￿l5 have been prepar¢d itt a¢¢ordance wjih the provisions applicable to clk7ritsble CDmpanies subject to the
small companies regime.
The Iinancial statements were approved by the Board of Trustees and authorised for issue on 23 September 2U25 and were sigiied on
its behalf by..
('. Davi¢s- Tn]slee
S Hdbbs- Trustee
R G Melton- Trustee
The notes lorni part of these fuk￿claI siatements
Page 6

The North Wales Coast Li
Limited
i Railwav
Noli% lo thL FinllnLial 5iatimLnts
for ihe Year Ended .31 December 2024
ACCOUNTING POLICIES
BASIS of pr¢puring th¢ fingnei*l ¥#tcm¢ttts
The financial slal¢nieDis of the chaDlable company. which is a public i￿nefIt eniity under FRS 102, have becn prepared in
a¢¢ordaiice with the Chariiieb SORP (FRS 10?) 'ALcounting and Reporting bv Charities= Siatement of Recommended
Praciice applicable to Charities preparing their accounis in accordance ￿'1th the Fil￿ncIal Reportin¥J Standard applicable in the
UK aDd Republic ol Ireland IFRS 10?) i=ffe¢iii-e l Jarhuan. 20191,. Financial Reporting Siandard 102 'The Financial
RLptsning siandaid applicable in tbc UK and Republic ot Iieland. and thc Q-.otnpanics Act 200b. Thc finajivial statcmeiits
have been prepared under ihe hislorilal cosl ¢oni'eniion. with Ihe excepiion ot. ini'esimenis which are included ar market
value.
Income
All incomc is roLognisLd in thL Sidlcmini of FinaDLial _4ciii'itlknb oncc thc chariiy has cntiilcmcnt lo ihc funds. it probable
that ih- income ￿'ll1 be r￿el￿.Cd and the arnouni can be rneasuTed reliabl￿.
Expemditur¢
Liabilitie5 are recognised as expeTKliture 35 soon as there 15 a legal or constructive obligation comrnilting the chanly lo that
expendiiuie, il is probable that a ttansfer of economii benefits will be rquiied in setilcmeiil and the aniount of the obligdiion
can be Measured reliably. Expendiiure is accounied for on an accwals basis and been ¥lassitied under headingws that
aggrtgate all cost related to tht categorv. Il"here Costs cannot be directly attributed to particular headings they have been
tlloraltd to activities on a basis consislcnt with the use ol. resources.
T&ngible fjxed Assets
Depreciation i5 provided at the t-ollowing annual rates in order to write off each a55et ovcr its estimated use￿[ life.
Freehold property
Plant and illthLhinery
0/￿ on cost
Taxation
The charity is exetnpt frotn cotpuration tsx on its- Lhantable xttvitits.
Fund xecounti*g
Unrestricted funds can be used in Kcordance with the charitable objeciives at the discretion of tlie trustees.
RLstriLtLd fu￿￿5 L4in onlN bc U*Ld fur P4trtjLul4if ￿￿Tril1cd ￿1[hin thc ()bjccLS of thc Lharily. RcstriLiion% ari%L whc
specified by the donor or￿.hen fvnds are raised for panicular resiricied purposes.
Further explanation of the naluTe and purpose ot'each f￿nd 15 included in the tK)tes to the tinancial statements.
OTHIR TRADING A￿1VITIEs
11.12.24
31 12.23
Train ricket sales
Page 7
continued...

The North Wales Coast Li
Limited
i Railwav
Noli% lo thL FinllnLial 5iatimLntS- Lontit)￿l
for ihe Year Ended .31 December ty0•4
INI'ESTMENT IP*COME
31.1224
31.12.13
Rents receiv¢d
Inierest on loan subsidiary
Deposit aceounl ini¢r¢st
16.0
2,395
16,(KKI
2,442
ET INCOMEI(EXPENDITLRE)
Nei in¢omd{expendiiuiel i$ siaied after chao*irtgl(cre4Jiling)=
31.12?4
-31.12.23
Depreiiaiion- owned as>ets
Sury)lus on disposal of fix¢d &sseis
4,2(K
4,343
TRUSTEES, REMUNER.4TION AND BENEFITS
Thcrc wLrc no Irustccs, rcmuncrdiion or other ￿nLF1ts for ycar cndcd _Il Dcc£mbtr 2024 nDr for thL ycar endcd 31
Decevnber 2023.
TrM$tees' expe•$es
There were no In￿lee$, expens￿ kmid for ihe year enthd 31 December 2024 nor fl￿ ihe year ended 31 December 2023.
COMPAIL4TAVES FOR THE STATEIII£NT OF FINANCIAL ACTIVITIES
Llnrtstrithed
fund
RestriLled
fund
Totsl
funds
INCOME AND ENDOIVMENTS FROM
Donaiions and legacies
117,539
5,264
122,803
Ulher trading activities
Invesimeni income
Other inLome
Total
S2,(A2
19.797
1,100
221078
2.642
19.797
i.ioo
226 342
EXPELYDITLRE or4
Charit*bk #etiYitie5
Beddnelert appeal
Trait] operntion
Total
451
451
304.490
-104.871
3C4.42
3(4.420
451
NET INCOTrIEI(EXPENDITURE)
(83.3421
4,81.3
(78529)
Page 8
continued...

The North Wales Coast Li
Limited
i Railwav
Noli% lo thL FinllnLial 5iatimLntS- Lontit)￿l
for ihe Year Ended .31 December ty0•4
COMPARA TV*TS FOR THE STATEMEi4rr OF FINAf4CIAL AC[[￿,1T1ES- fo￿tinued
Unrestricitd
nd
Restricted
fuThd
Total
funds
RECONCILIA TION OF FUNDS
Toial funds brouglil fonvard
l.(K4.290
14,139
1.018.429
TOTAL FUNDS CARRIED FORM'ARD
9?0.948
939 900
TAF4GIBLE FIXED ASSETS
Freehold
pn)terty
Plant and
machinery
Toial
COST
Al l Januarv 2014 and 31 Dec¢mber 2024
DEPRECIA TIO
Ai l J4nuary ?IT24
Charge for year
Ai 31 De¢ember 2Q?4
NET BOOK I'.4LUE
Ai 31 DrLcmbLr 1024
Ai 31 December 2023
341771
591 171
38,878
17.099
55,977
Q.177
108222
2105?2
322.772
-324 r)72
530 994
535 194
FIXED A&SET INI'ESTMENTS
Unlisted
inVe￿tments'
MARKET VALUE
At l January 2￿4 and 31 Decembtr 2024
ET BOOK V.4LUE
At 31 D¢c¢mber 2014
At 31 Deiember 2023
There were no invesimeni assets OUlSLde Ihe UK.
The Company's invesim¢nts at ihe balanee she¢t dat¢ in the share ¢apital of ¢oinpanies in¢lude the follDwing.'
Page 9
continued...

The North Wales Coast Li
Limited
i Railwav
Noli% lo thL FinllnLial 5iatimLntS- Lontit)￿l
for ihe Year Ended .31 December ty0•4
FIXED A&SET IN%￿ST￿lEP￿s- conliTh•ed
FIxiTb•urnc Stctsm Rthilw'*i' Limit¢
R¢Ei5tered o￿Tce.. Fairbourne Railway Office.Beach Road.Faithurne.Wales Ll.18 2EX
Natur¢ of business.. Operating a narrow gauge rdilway
Class of share..
Ordinary
holth.ng
i(
31.12.?4
31.12.23
A￿lF re￿at¢ rapitrl re￿[Ve%
ILo$8yprofit for the vear
118.3.37
DEBTORS: AMOUNTS FALLING DUE I*'ITHIIY ONE YEAR
31.1224
31.12.23
Amounts ow¢d by group undertakings
CREDITORS: AMOUNTS FALLING DUE W'ITHIN OL%E I'EAR
31.1224
31.12.23
Trade Creditors
VAT
Accrued expenses
1.75
?84
576
2.076
ii.
MOVEi¥IENT IN Fuf4DS
Nei
movenent
At
31.12.24
At 1.1.24
Unrestricted funds
General tund
920.948
{32,7611
888,187
Restrirted fllnils
Beddgelert
18,952
2,589
21,541
TOTAL FUNDS
30 17))
1)09 728
Page 10
continued...

The North Wales Coast Li
Limited
i Railwav
Noli% lo thL FinllnLial 5iatimLntS- Lontit)￿l
for ihe Year Ended .31 December ty0•4
mOvE￿IENT IN FUNDS- continued
Net movejnent in funds. included in the dboye arL follows=
Incoming
rebourc&q
Reiources
exp¢iNl¢d
Movement
in ￿lid4'
Unrestrieted funds
General tiind
235,342
(268,1031
132,7611
Rv5tricted funds
Buddgclerl
11,Th19
2,589
TOTAL FUNDS
276 5231
30 1721
Companktiv£& tor mtyv¢MC￿t in funds
Nei
movenient
in fi￿dS
At
31.12.23
At 1.1.23
Unrestricted funds
General fund
I,IKM290
{83,3421
920,948
Restricted funds
Beddgelert
14.1_19
4.g1_3
18,952
TOTAL FUNDS
1 O1¥429
78 5291
939 90U
Comparativc net Tnov¢rn¢nt in fund5, iD¢luded in th¢ abow¢ arc a5 follow5..
Incoming
rcsollrc
Resources
cxpcndcd
Movemeni
in fund
UNrestrlcted funds
GenEral lund
221,078
(304,4201
183.3421
Restriited funds
BeddLielert
14511
4.813
TOTAL FUNDS
304 8711
78 5291
Pagell
continued...

The North Wales Coast Li
Limited
i Railwav
Noli% lo thL FinllnLial 5iatimLntS- Lontit)￿l
for ihe Year Ended .31 December ty0•4
mOvE￿IENT IN FUNDS- continued
A curtL'llt ytur 12 ]nonths and piiur yLar 12 ￿onthS ci)mbinLd w￿ltIon iSlLti folluw>.
Net
movement
in funds
At
31.12.24
At 1.1.23
Unrestricted funds
General fund
I.(MH,290
1116,1031
888,187
Restricted funds
Bcddgclert
14.139
7,402
21,541
TOTAL FUNDS
I.OIX4?9
108 7011
YOY 72X
A Lurrent yetsr 12 month5 and prior year 12 months cotnbined net movetnetjt in fund4 included in rhe ubove Ejre as follows..
Incoming
resourL&
Resources
expeimled
Moveineni
in tund¥'
UNre&trieted funds
G¢neral tund
450,420
(572,5231
Restrieted funds
Beddgelen
18,8711
7.402
TOTAL FUNDS
477 693
i813941
108 7011
J2.
RELATED PARTh. DISCLOSURES
During the year the subsidiary CO￿panY. Fairbourne Steatn Railwav Lirnited. received a grdnt froill ihe chariry of £250,931
(2023 £?60,?76110 enable it 10 0￿rale the rni1￿.aY in line wilh the chariik objeciiies. Ai the 3 Isi De¢ember 2024 ihe amount
owing by thL subsidiary Lon)pany lo thc charity was £76.9xu {•023 £79.71v)i.The intercst cbargcd oli Ihc loan durin¥ thL pasi
financial year wa5 £2.3951?02i £? 4421.
Page 12

This document was delivered using electronic communications and authenticated in
accordance with the registrar's rules relating to electronic forni, authentication and
manner of delivery under section 1072 of the Companies Act 2006.